July 2025 Newsletter

Market Updates and Top Stock Picks from Singapore & US market

Hello everyone,

As we cross into the second half of 2025, I just want to pause and say thank you for being on this journey with us. Whether you’ve been riding trends confidently or sitting on the sidelines a little more lately, it’s okay. This market hasn’t made it easy for anyone, with global rate expectations, tech sector shakeups, and geopolitical curveballs still in play.

But here’s the good news: good trends are still out there we’ve seen it in some of our recent spotlights. The key is to stay selective, stay sharp, and stay plugged in. I’ll keep doing my best to send you updates, ideas, and signals to help you move with more confidence and less noise.

Let’s keep building momentum this quarter — one good trend at a time.

Your No.1 Fan,

Joey Choy

Market Overview

Singapore

Straits Times Index (TradingView)

Straits Times Index (STI) is a market capitalisation weighted index that tracks the performance of the top 30 companies listed on SGX.

The Singapore economy continued to tread cautiously in mid-2025. GDP growth for Q2 is expected to come in softer, with full-year projections now trimmed to 1.8%–2.3%, compared to earlier estimates above 2.5%, as manufacturing and exports faced renewed headwinds from China and the West.

Singapore's core inflation fell to 0.6 per cent year-on-year in May, edging down from 0.7 per cent. Core inflation and overall inflation are projected to hover between 0.5 per cent and 1.5 per cent this year.

MAS and MTI said that Singapore’s imported inflation is expected to remain "moderate", noting that while global crude oil prices have risen in recent weeks, they are currently still close to the average in 2024.

Breaking above the psychological 4,000 resistance, forming a new support, the 20d MA continues to point up, along side the 100d and 200d MA reaffirming the longer term trend. Price action indicates that overall market sentiment is still rather bullish.

With the next resistance around the 4,200 level. the STI seems to be at the start of a new phrase as long as the 4,000 support is being respected.

United States

Dow Jones Industrial Average (TradingView)

Dow Jones Industrial Average (DJIA) tracks the daily price movements of 30 large, public-owned blue-chip American companies.

With the 43,000 level turning from a resistance into a support once again and with the 20d MA pointing up as well, prices continue to head toward the 45,000 key resistance with all time highs in sight.

S&P 500 (TradingView)

S&P 500 Index is a market-capitalization weighted index of the 500 leading companies in the US which is widely considered as one of the best gauge of the US economy.

At an all time high, the index continues to show strength as the it continues to hold above the 6,200 resistance, with the next target drawn up to 6,600 as the longer term trend continues to play out. It would be normal to see profit-taking return near the 6,300 and 6,400 levels.

The Federal Reserve held rates steady in June, but traders are pricing in a first rate cut as early as Q4 2025, especially if core PCE inflation continues to ease. Treasury yields remain steady around 4.2%, as investors weigh growth optimism against geopolitical tensions.

Oil markets have also been affected recently with uncertainty after US intervention for the war between Iran and Israel, many believe that the latest developments could see increased volatility for the oil markets, especially for potentially Iranian countermeasures.

Hot News (Click to read):

Singapore Stocks Spotlight

SINGTEL (Z74.SI)
Target Price: S$4.30

Singtel (TradingView)
1GT Bullish Entry Signal Appeared on the 28 Jan 25, No Exit Signals Yet

About Singtel

  • Singapore Telecommunications Limited (Singtel) is Asia’s leading communications technology group, with core operations across mobile, broadband, enterprise, and digital services

  • The group continues to evolve through investments in regional associates and next-generation infrastructure

Fundamental

  • For FY2025, Singtel reported net profit of S$1.23 billion, a 42% decline year-on-year due to the absence of a one-off gain from the prior year’s Telkomsel merger

  • Core EBIT rose 27%, driven by improved enterprise services and contributions from Nxera and NCS. Nxera is on track to launch new AI-ready data centres by mid-2025, boosting Singtel’s digital transformation roadmap

  • With a sharpened focus on infrastructure, AI, and regional partnerships, Singtel remains a key dividend and transformation play in the region

Technical

  • Longer-term uptrend remains firmly intact with 100d and 200d MA still heading up, while there is some short-term stabilisation with 20d MA flattening out

  • Price has been trading within the range around 3.70 - 4.00 since April, which is the support and resistance levels respectively.

  • 1GT Bullish signal since Jan is still playing out with no exits yet

  • Potential upside target towards 4.30 first (based on a range projection), if price can break and hold firmly above 4.00

CENTURION (OU8.SI)
Target Price: S$2.00

Centurion (TradingView)
1GT Bullish Entry Signal Appeared on 6 May 25, No Exit Signal Yet

About Centurion

  • Centurion is a specialist in purpose-built accommodation assets, operating student and workers' dormitories across Singapore, Malaysia, the UK, and Australia under the “Westlite” and “dwell” brands

Fundamental

  • While its dividend yield is a modest 2.5%, its retained earnings are channeled into scaling existing assets and identifying accretive opportunities abroad

  • The group has maintained a healthy balance sheet and improved capital efficiency, with ROE estimated between 19%–22%, and a low payout ratio of ~7%

  • The group has expanded its capacity and is tapping into steady rental demand, especially in the workers’ accommodation segment in Singapore

  • Recent regulatory focus on improving living standards continues to support its pricing power and occupancy rates

  • With a defensive income profile and stable cash flows, Centurion remains a high-yield play with growth from operational expansion

Technical

  • Both short-term and long-term uptrend remains firmly intact with all 3 MAs still heading up

    • Would be good to have some sideway consolidation first before price form any new high, so as to ensure uptrend remains sustainable

  • 1GT Bullish signal since May is still playing out as price continue to push higher with trailing support heading upwards as well

  • Immediate support looks to be around 1.60, as long as price is able to hold, would not rule out more upside towards 1.80 first and to revised higher to 2.00., if 1.80 is breached.

SIA ENGINEERING (S59.SI)
Target Price: S$3.60

SIA Engineering (TradingView)
1GT Bullish Entry Signal Appeared on the 20 May 25, No Exit Signal Yet

About SIA Engineering

  • SIA Engineering Company (SIAEC) is a leading provider of aircraft maintenance, repair, and overhaul (MRO) services in Asia-Pacific

  • As travel volumes recover and flight activity resumes, the group is regaining momentum in both line and base maintenance

Fundamental

  • For FY2024, SIAEC posted a total revenue for the year increased by 13.8 per cent to S$1.2 billion, from S$1.1 billion

  • For the full financial year 2024/25, SIAEC’s net profit grew 43.8 per cent to S$139.6 million. This increase was supported by stable growth in the demand for aircraft MRO

  • Associate and JV contributions rose 8.2%, underscoring the strength of its global MRO partnerships

  • Airline traffic recovery driving strong line & base MRO demand; 8% higher flight volume in Singapore, expanded engine test capacity for LEAP‑1B engines

  • With strong airline recovery, higher flight cycles, and long-term growth in Asia’s aviation sector, SIAEC is well-placed to benefit from continued tailwinds

Technical

  • Recent break out above the 3.00 psychological resistance had formed a new higher support

  • Bullish candlestick can be spotted as prices broke above the 3.00 previous support

  • 100d MA had crossed above 200d MA, confirming longer-term uptrend

  • 20d MA is heading up steeply, showing signs of short-term strength

  • Immediate resistance around 3.30 where profit taking happened in mid June

  • A potential firm break above 3.30 could have next target toward 3.60

United States Stocks Spotlight

PHILIP MORRIS INTL INC (PM.NY)
Target Price: US$200.00

Philip Morris Intl Inc (TradingView)
1GT Bullish Entry Signal Appeared on 23 Apr 25, No Exit Signal Yet

About Philip Morris

  • Philip Morris International is a global tobacco and nicotine company, best known for its iconic Marlboro brand

  • The company is actively transitioning toward a “smoke-free future” through reduced-risk products (RRPs) like IQOS and ZYN, which now contribute a growing share of overall revenue

Fundamental

  • In Q1 2025, Philip Morris reported EPS of $1.69, beating analyst expectations, while revenue rose 10.2% year-over-year to $9.3 billion

  • The ZYN oral nicotine pouch saw 53% YoY shipment growth, with full-year shipment guidance raised to 800–840 million cans. Smoke-free products now contribute 44% of gross profit. The company forecasts FY2025 EPS between $7.36–$7.49, implying 12–14% YoY growth

  • With its global scale, high-margin business model, and pivot into next-gen nicotine alternatives, Philip Morris remains a resilient dividend play and a long-term growth candidate

Technical

  • Uptrend remains firmly intact with all 3 moving averages heading higher as price recently reached an all-time-high

  • Resistance appears to be around 185, where profit-taking return

  • As long as price is able to continue holding above trailing support with a firm break above 185, potential upside target towards psychological 200

    • To take note that next support zone is around 160 - 165, which is also where the 100d MA resides

Recent News (Click to Read)

SPOTIFY INC (SPOT.NY)
Target Price: US$800.00

Spotify Inc (TradingView)
1GT Bullish Entry Signal Appeared on the 2 May 25, No Exit Signal Yet

About Spotify Inc

  • Spotify is the world’s largest audio streaming subscription service, offering music, podcasts, and audiobooks to over 600 million monthly active users globally

  • Its two-sided platform continues to scale with strong engagement and monetization improvements

Fundamental

  • For Q1 2025, Spotify reported revenue of €3.9 billion (+20% YoY), with 258 million Premium subscribers and 11% YoY growth in ad-supported revenue

  • Operating income reached €168 million, reflecting strong operating leverage from previous cost-cutting initiatives

  • The company is also doubling down on audiobooks and AI-powered discovery features to deepen user stickiness

  • With expanding margins and strategic pricing power, Spotify is on track for sustained profitability while continuing to innovate across content and distribution

Technical

  • Long term uptrend remains firmly intact since 2023

  • Price has rebounded from the lows around 480 in April and recently broke above 680, forming a new higher support

  • Psychological resistance remains to be around 800, where profit-taking return as seen in late June

  • As long as price is able to firmly hold above 680, potential upside targets towards 800 first

Recent News (Click to Read)

MICROSOFT CORP (MSFT.NQ)
Target Price: US$540.00

Microsoft Corp (TradingView)
1GT Bullish Entry Signal Appeared on 29 Apr 25, No Exit Signal Yet

About Microsoft

  • Microsoft operates three core businesses: Productivity & Business Processes (like Microsoft 365 and LinkedIn), Intelligent Cloud (Azure, GitHub, Nuance), and More Personal Computing (Windows, Xbox, Bing)

  • It leads in cloud infrastructure, enterprise software, and AI tools that power digital transformation for businesses worldwide

  • On the consumer side, Microsoft maintains a strong presence with Windows devices, gaming services, and online advertising platforms

Fundamental

  • Microsoft is becoming one of the biggest winners in the AI space. In its latest quarter, revenue grew 17% year-over-year to $61.9 billion, while net income jumped 20% to $21.9 billion

  • Microsoft is integrating Copilot AI across its product suite from Office and Teams to GitHub and Dynamics helping increase user engagement and subscription value. These AI features are now included in over 60% of Fortune 500 companies’ workflows, indicating broad adoption

  • Despite a strong stock rally, Microsoft trades around 36x forward earnings — still reasonable given its scale, consistent cash flow, and growing dominance in AI

Technical

  • After being kept below the 460 resistance since Jul 2024, price managed to break above it, turning this to be a new higher support

  • Psychological resistance at 500 is currently being tested as selling pressure came in

  • A firm break above 500 could send prices higher toward the 540 target

  • 20d MA still pointing up, indicating that short-term strength is present, while 100d MA is attempting to cross above the 200d MA, suggesting potential longer-term strength returning

Recent News (Click to Read)

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